- An LA mansion that was once the most expensive in America got another price cut, to $165 million.
- Casa Encantada was initially listed for $225 million in 2019; it’s been on and off the market since.
- The seller is the widow of telecom tycoon Gary Winnick, who paid $94 million for it in 2000.
Casa Encantada has many claims to fame.
The 40,000-square-foot mansion in the Bel Air neighborhood of Los Angeles was once owned by Hilton Hotels magnate Conrad Hilton and was equipped with walk-in basement vaults to house silver, fur, and wine.
After a major renovation, it has modern amenities including a tennis court with a viewing pavilion.
Jeff Bezos once eyed the mansion for himself — then chose one not far away instead.
Now the property is $30 million off.
Let us explain: The house, nicknamed Casa Encantada, hit the market in October of 2019 asking $225 million, making it the most expensive listing in the country at the time.
It’s been on and off the market since then with asking prices as high as $250 million, according to its listing history on Realtor.com and other reports. This week, the 60-room mansion cut its ask to $165 million, a 34% drop from its highest price tag.
It’s not the most expensive home for sale in the US — that would be a Naples, Florida, compound owned by the family of late financier John Donahue on the market for $295 million. With the latest price cut, it’s no longer the most expensive listing in California. That belongs to the 50,000-square-foot Pritzker mansion in Los Angeles, listed at $195 million.
The owner of Casa Encantada is Karen Winnick. She’s the widow of Gary Winnick, a financier who founded the telecommunications company Global Crossing and died in 2023.
One of Casa Encantada’s listing agents, Josh Flagg of Compass, said its journey through price cuts is indicative of the wider luxury market and flagging demand for ultraluxury properties.
“If this was 2017, the house would be sold by now but given the state of the market, there aren’t buyers lining up around the block for any house over $100M,” Flagg said in an email to Business Insider. “With that said, there are people out there that can afford a house like this and it just takes that one person.”
The 8.4-acre property at 10644 Bellagio Road, overlooking Bel-Air Country Club, has a lot to offer its next buyer.
Take a look inside.
Read the full article here
